“Under the agreement, Russia will reduce its production by 2.5 million barrels per day from a total of 9.7 million, the level of 11 million barrels per day was adopted as the base for the reduction,” the Ministry of Energy said in a press release.
According to Russian Minister of Energy Alexander Novak, OPEC + countries have decided to reduce oil production due to a global reduction in world oil demand by 20%.
“There has never been such a situation - three years ago the supply exceeded the demand by 3 million barrels per day, and now it is already by 20 million barrels due to falling demand,” his department quotes.
Earlier, OPEC + countries signed an agreement to reduce oil production by 9.7 million barrels per day from May 1, 2020 by two years.
US leader Donald Trump thanked Russian President Vladimir Putin and King of Saudi Arabia Salman bin Abdel-Aziz Al Saud for concluding an OPEC + deal to reduce oil production.